Registration document 2011 - tota - Total.com

9 Consolidated
Financial Statements
Notes to the Consolidated Financial Statements
same number of shares in cash with a loan financing reimbursable “in fine”. During the year 2011, the main assumptions used for the
valuation of the cost of capital increase reserved for employees were the following:
For the year ended December 31, 2011
Date of the Board of Directors meeting that decided the issue October 28, 2010
Subscription price (€) 34.80
Share price at the reference date (€) (a) 41.60
Number of shares (in millions) 8.90
Risk free interest rate (%) (b) 2.82
Employees loan financing rate (%) (c) 7.23
Non transferability cost (% of the reference’s share price) 17.6
(a) Share price at the date which the Chairman and Chief Executive Officer decided the subscription period.
(b) Zero coupon Euro swap rate at 5 years.
(c) The employees loan financing rate is based on a 5 year consumer’s credit rate.
Due to the fact that the non transferability cost is higher than the discount, no cost has been accounted to the fiscal year 2011.
26) Payroll and staff
For the year ended December 31, 2011 2010 2009
Personnel expenses (M€)
Wages and salaries (including social charges) 6,579 6,246 6,177
Group employees
France
Management 11,123 10,852 10,906
Other 23,914 24,317 25,501
International
Management 15,713 15,146 15,243
Other 45,354 42,540 44,737
Total 96,104 92,855 96,387
The number of employees includes only employees of fully consolidated subsidiaries.
The increase in the number of employees between December 31, 2011 and December 31, 2010 is mainly explained by the acquisition
of SunPower, partially compensated by the sale of the photocure and coatings resins businesses (see Note 3 to the Consolidated
Financial Statements).
248 TOTAL. Registration Document 2011